Once you have paid down part of an advance, the funder may offer a renewal. The new deal's purchase price first pays off what you still owe on the old one, and you receive the rest.
Look past the new cash. Unless the old contract has an early payoff discount, the payoff includes the full remaining cost of the first advance, and the new factor rate applies to the whole new purchase price, including the part that only retires old debt.
Example: You took $50,000 at a 1.35 factor rate and $33,750 is still owed. A $60,000 renewal at 1.30 means a new payback of $78,000, but only $26,250 reaches your account after the $33,750 payoff.
Judge a renewal by what the new cash costs you, not by the headline amount.